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Page 10

Has Your UK Pension Transfer Value Just Gone Up?

by Steve Iball

The financial world can be truly fickle, after 30 years of helping people to a more secure financial footing, you’ll not be surprised at some of things I’ve seen. Above all, I’ve been genuinely delighted to have helped so many people.

Consultant deVere Spain

So what’s this about UK Final Salary Company Pension Schemes? Here’s the science bit. UK Pension trusts are restricted to investing in low-risk investments by their articles of operation. They rarely place monies into Stock Markets or put your money on the 3:30 horse race Aintree - thank goodness. That’s the good news. The not so good is that they often have to ask for money from the trading company’s profits to top up the pension fund in order to meet their pension fund liabilities. At the moment interest rates are so low that this is happening a lot.

But there’s a potential upside if you want to transfer your pension away from the UK and take control placing it in an International Pension Scheme such as a QROPS. The fund is under your control allowing you to access a lump sum at 55 years old or later and a monthly pension for the rest of your life. The transfer value from the UK on Final Salary Schemes has been enhanced as a result of EXTREME low interest rates of 0.25%. In plain English, you’ll get more now as a lump sum transfer value than compared with even 6 months ago.

I was delighted to inform one of my clients that by waiting 6 months, she now has £36,000 MORE to reinvest and create more income for a better lifestyle. Think about it, that’s a lot of money, take advantage whilst it is there.

If you have a UK Company Pension, and are even merely curious as to its value, then we at deVere can help. We always say that the first rule of financial planning is to know the facts. We offer a genuinely FREE service, with genuinely NO OBLIGATION, to find out for you. You’ll get the answer and can do what you want: take more advice and re-invest, or do nothing – it’s up to you! Just 1 phone call to me on 610 822 484 is all it takes.

Whilst I've got you attention, don't forget Modelo 720 is due again at the end of the year. This is where you need to declare your overseas assets to the Spanish Tax authorities. At deVere we can help you understand the financial implications of having overseas assets, and then help you understand any advantages of e.g. moving those assets. Above all just remember there's a hefty fine for non-declaration.

And going back to UK or Spanish interest rates, just remember that as the Base rate in UK is 0.25%, you're effectively losing money because the cost of living index in Spain is reckoned to be easily above 1%, just look at your electricity bill over the past few years, and consider that travelling between Spain and UK is really no longer 'low-cost'. At deVere, we can advise you of the alternatives with very low exposure to risk of your capital. As I often say, you'd be daft not to at least find out.

deVere-Spain on (+34) 610 822 484 or email

For free advice, call Steve Iball at

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